Chinese electric vehicle start-up NIO
on Monday filed for a $1.8 billion initial public offering of its American depositary shares, the biggest U.S. listing by a Chinese automaker.
The company, backed by Chinese tech heavyweight Tencent Holdings Ltd, applied for a float of up to $1.8 billion, according to its filing with the Securities and Exchange Commission.
It plans to go public on the New York Stock Exchange under the symbol “NIO”.
The float comes as the firm, founded by Chinese entrepreneur William Li in 2014, and other Chinese EV makers seek fresh capital to develop new products and finance investments in areas including autonomous driving and battery technologies.
Having begun promoting EVs in 2009, China aims to become a dominant global producer as it bids to curb vehicle emissions, boost energy security and promote high-tech industries.
Start-up electric carmakers such as WM Motor Technology Co and
Continue reading "NIO seeks to raise $1.8 billion in biggest U.S. listing by China automaker: Reuters"
Buyout group Carlyle
(CG.O) is starting preparations for a stock market listing of German speciality chemicals group Atotech
, a former part of oil group Total
(TOTF.PA) which could be valued at around $5 billion, people close to the matter said.
The private equity investor has asked investment banks to pitch for roles in an initial public offering which is expected to take place in New York next year, two of the people said, while another person said a German IPO was also a possibility.
Carlyle declined to comment.
Atotech, a Berlin-based maker of speciality chemicals and equipment for printed circuit boards and semiconductors, posted adjusted earnings before interest, tax, depreciation and amortization of $329 million on sales of $1.2 billion last year.
Carlyle bought Atotech in 2016 at an enterprise value of $3.2 billion or 12 times its core earnings.
The investor would likely seek
Continue reading "Carlyle starts preparations for $5 billion listing of chemicals group Atotech, say sources: Reuters"
Investment firm KKR & Co
(KKR.N) plans to list a bulk of its operations in India on the local stock exchange, the Financial Times
reported on Monday, citing four people involved in the matter.
The expected public offering of KKR’s Indian unit excludes private equity operations, which are part of the company’s broader Asia private equity business run out of Hong Kong, the FT report on.ft.com/2MeXXZZ said.
The timing of the potential IPO has not been finalised, the report said.
In India, KKR operates as a buyout company with a credit business that not only takes stakes in local companies but also lends to them.
KKR was not immediately available for comment.
Online furniture retailer Westwing
, backed by German ecommerce investor Rocket Internet
, is reviving plans for a Frankfurt stock market listing which may come in late 2018, people close to the matter said.
The company, which in 2016 shelved its initial public offering (IPO) plans, may sell shares worth about 100 to 150 million euros ($116-$174 mln) – mostly newly issued ones, they said.
Westwing may be valued at 400 to 450 million euros in a potential deal, the people said.
Citi and Berenberg have been chosen to organise the flotation as so called global coordinators, they added.
Westwing said that it is under no time pressure to do a deal.
“We have always said that we will at some stage plan a stock market listing,” a Westwing spokeswoman said.
German start-up investor Rocket Internet holds 32 percent of Westwing, with other investors including Investment AB Kinnevik , Access
Continue reading "Online furniture retailer Westwing targets late 2018 IPO, say sources: Reuters"
(SONO.O), the U.S. company that popularized wireless speakers, priced its initial public offering below its targeted range on Wednesday, signaling investors are selective about backing stock market hopefuls in the technology sector.
Sonos is trying to convince investors it can withstand new competition from the likes of Apple Inc (AAPL.O) and Alphabet Inc’s (GOOGL.O) Google based on the popularity of its multi-room connected audio system and the numbers of third-party apps and services it supports.
The company said it sold around 5.6 million shares at $15 per share in the IPO, below its $17-$19 target range, raising $83.3 million. Existing Sonos shareholders, which include investment firm KKR & Co (KKR.N), sold a further 8.3 million shares.
Santa Barbara, California-based Sonos plans to start trading on the Nasdaq on Thursday under the symbol “SONO”.
Founded in 2002, Sonos’ speakers and the
Continue reading "Sonos IPO prices below range amid muted investor reception: Reuters"
Family-owned Erwin Hymer Group
has attracted interest from private equity as it explores a stock market flotation which could value the German mobile home manufacturer at up to 3 billion euros ($3.51 billion), people close to the matter said.
Buyout groups KPS and Centerbridge are expected to submit final bids by early September for the owner of the Hymer, Dethleff’s and Buerstner recreational vehicle brands, the sources said, adding that Hymer’s owners may still opt for a listing.
Erwin Hymer Group is currently conducting a dual track process, with options including an initial public offering (IPO) or taking in an external investor, a Hymer spokesman said.
Centerbridge declined to comment, while KPS was not immediately available for comment.
The family owners, which are seeking funds for Hymer investments in North America and Asia, initially only planned to divest a minority, but have opened up to the idea of selling
Continue reading "German caravan maker Hymer attracts private equity interest, say sources: Reuters"
Chinese online group discounter Pinduoduo Inc
(PDD.O) priced its U.S. initial public offering (IPO) at $19 per American depositary share (ADS), raising $1.63 billion in the second-biggest U.S. float by a Chinese firm this year, according to three people familiar with the situation.
The pricing values money-losing Pinduoduo – which counts Chinese internet giant Tencent Holdings Ltd (0700.HK) as a main backer – at $23.8 billion including all outstanding share options, compared with a valuation of $15 billion following a funding round in April.
The fast-growing company allows consumers to group together to get better discounts from merchants selling goods as varied as clothes, kitchenware and gadgets. It offered about 85.6 million ADS or about 6.8 percent of its enlarged share capital, at $16 to $19 each.
Pinduoduo declined to comment on the pricing. The people declined to be named because they
Continue reading "China’s Pinduoduo prices U.S. IPO at top of range, raises $1.6 billion, say sources: Reuters"
Chinese biotech Ascletis Pharma Inc
(1672.HK) raised $400 million after pricing its IPO in the middle of an indicative range, three people said, in the first such Hong Kong listing under rules designed to attract early-stage biotech firms.
The initial public offering (IPO) is widely seen as a test of the new regime as Hong Kong seeks to establish itself as a financing center for the growing number of Chinese drug developers.
New York is currently the established center for biotech IPOs, with $2.4 billion worth of such shares sold last year. The largest early-state biotech deal was in 2014 when Juno Therapeutics raised $304 million, Thomson Reuters data showed.
Nine biotechs have so far filed for Hong Kong listings, and at least another four plan to follow suit, bankers said.
Ascletis, which makes anti-viral, cancer and liver disease drugs, sold 224 million new shares, or 20 percent
Continue reading "Chinese biotech firm Ascletis raises $400 million in HK IPO, say sources: Reuters"
Mobile phone infrastructure company China Tower
is planning to raise up to about US$8.8bn from a Hong Kong IPO at a valuation of up to US$35bn, according to people close to the deal.
The company is talking to potential cornerstone investors ahead of the listing and is planning to sell about 25% of its enlarged share capital, the people said. The US$35bn valuation would be the top end of an indicative price range.
China Tower is set to open books on July 23 and price the deal on August 1, according to the people, who added that the terms and timing of the deal could still change before books open on Monday.
At about US$8.8bn, China Tower’s IPO will surpass the HK$42.6bn (US$5.4bn) listing of Xiaomi earlier this month, becoming the world’s largest IPO since Chinese e-commerce giant Alibaba’s US$25bn US listing in 2014.
Continue reading "China Tower eyes $8.8 billion from Hong Kong IPO: Reuters"
Chinese online group discounter Pinduoduo
plans to raise up to $1.63 billion from a U.S. listing, its latest filing with the U.S. Securities and Exchange
showed, in what would be the second-biggest U.S. float by a Chinese firm this year.
Pinduoduo plans to sell about 85.6 million American Depositary Shares in an initial public offering (IPO) at a price range of $16 to $19 each, its filing late on Monday showed.
That values the three-year-old startup – which has yet to make a profit – at $20 billion to $24 billion, higher than its $15 billion valuation in April. Its free float will be 6.8 percent of enlarged share capital before a 15 percent “greenshoe” or over-allotment option which can be sold if there is demand, showed a term sheet seen by Reuters.
Two of the firm’s main existing shareholders – Tencent Holdings Ltd
Continue reading "Chinese discounter Pinduoduo aims for up to $1.63 billion in US IPO: Reuters"
The initial public offering (IPO) of Blackstone
-backed (BX.N), Middle East-focused education company GEMS
has been shelved, three sources familiar with the matter said.
Sources familiar with the deal had said the London listing was delayed after authorities in Dubai unexpectedly decided to freeze tuition fees, meaning the company’s financial forecasts had to be adjusted.
“Bankers knew this wouldn’t go ahead as GEMS was unsure about its expansion plans, given that many students were leaving as families were packing up due to job losses,” a banker in the region said.
GEMS and a spokesman for Blackstone declined to comment.
One of the sources said private equity firm CVC had expressed an interest in acquiring GEMS, but it was not clear whether the parties were still in talks. A spokesman for CVC declined to comment.
Earlier this year, bankers said GEMS, which operates more than 250 schools across 14 countries,
Continue reading "Education company GEMS shelves multibillion dollar London IPO, say sources: Reuters"
Wireless speaker company Sonos Inc
filed for an initial public offering on Friday, riding on the back of increasing popularity of streaming music though smartphone apps on connected audio systems.
Sonos’ hi-tech speakers and the company’s tie-ups with around 100 music streaming providers including Apple Music, Pandora, Spotify and TuneIn have helped attract audiophiles around the world.
Backed by KKR Stream Holdings LLC, Sonos has grown to become a big player in the competitive home audio market, battling established players such as Bang & Olufsen, Bose and Sony as well as iPhone maker Apple.
Sonos, founded in 2002, recently introduced voice-controlled speakers integrated with Amazon’s Alexa technology, putting them in direct competition with Apple’s HomePod speakers, which are powered by Siri.
A rapid growth in streaming music services in recent years has led to a recovery in the fortunes of the global recorded music industry and boosted sales of internet-connected
Continue reading "Wireless speaker maker Sonos files for IPO: Reuters"
Public listing preparations of state-run Saudi Aramco
have stalled, the Wall Street Journal
reported on Thursday.
Aramco, the world’s biggest oil producer, has been expanding its global footprint by signing downstream deals and boosting the capacity of its plants ahead of the eagerly awaited initial public offering.
The company’s public listing is a part of Saudi Arabia’s plan to open its economy but a senior Aramco executive told here the WSJ that “everyone is almost certain it (IPO) is not going to happen”.
Aramco did not immediately respond to a request for comment.
Chinese online group discounter Pinduoduo
has filed with US authorities for an initial public offering (IPO) which, according to IFR, could raise up to $1 billion.
Walnut Street Group, the parent of Pinduoduo, made the U.S. Securities and Exchange filing on Friday. Loss-making Pinduoduo was formed three years ago and in the filing claimed 295 million active users of its mobile platform, which allows consumers to group together to increase the discounts offered by merchants.
Pinduoduo did not immediately respond to requests for comment. IFR is a Thomson Reuters publication.
The company is the latest in a series of Chinese tech groups preparing to list in New York or Hong Kong even as trade tensions between China and the U.S rattle global markets.
Last week, Qeeka Home, a Chinese provider of online interior design services, postponed a $278 million Hong Kong IPO, while in New York, Uxin, a
Continue reading "Chinese online group Pinduoduo files for U.S. IPO: Reuters"
The initial public offering of commercial landscaper BrightView Holdings Inc
was priced at $22 per share, the company said on Wednesday, at the lower end of the projected range.
The offering of 21.3 million shares, which was indicated to be priced between $22 and $25 each, raised net proceeds of $435.1 million.
BrightView, one of the largest U.S. providers of commercial landscaping services, is backed by investment funds affiliated with KKR & Co (KKR.N) and MSD Partners, which will both remain the firm’s largest shareholders following the offering.
BrightView’s net service revenue for the six months ended March rose to $1.14 billion from $1.03 billion in the same period a year earlier. Net loss narrowed to $2.7 million for the same period from $53.3 million in 2017.
The proceeds will be used to pay down debt, according to the company’s IPO filing.
Continue reading "BrightView Holdings IPO priced at $22/share: Reuters"
Buyout group KKR
(KKR.N) has started preparations to list vending machine operator Selecta
on the Swiss bourse as soon as the fourth quarter of 2018, people close to the matter said, adding to a flurry of major listings in the country.
The private equity firm is working with investment bank Lazard (LAZ.N) as IPO advisor on the deal, they added.
Lazard has already approached other banks to gauge their interest in helping organize the transaction which may see shares worth about 1 billion Swiss francs ($1 billion) sold, one of the people said.
In a bid to lock in high stock market valuations, the Selecta IPO may take place in late 2018, although a 2019 deal is also a possibility, the people said, adding KKR would also be open to an outright sale if it receives attractive offers.
KKR declined to comment. Lazard had no immediate comment.
Continue reading "KKR preps vending machine operator Selecta for $1 billion IPO, say sources: Reuters"
China Renaissance Group,
an investment bank led by one of the country’s most famed rainmakers, aims to raise as much as $800 million in a Hong Kong IPO, people with direct knowledge of the matter told Reuters.
The bank is known for having advised both sides on some big Chinese tech deals including the 2015 merger of ride-hailing giant Didi Chuxing, with China Renaissance founder Bao Fan locking himself and the two CEOs in a hotel suite until they reached agreement.
Beijing-based China Renaissance plans to raise between $600 million and $800 million, the people said, declining to be identified as the details of the offering are not yet public.
It is targeting a valuation of between $4 billion and $5 billion, said one of the people, adding that its debut has been tentatively scheduled for October.
China Renaissance declined to comment on the planned IPO.
Bao, 47, who has
Continue reading "Investment bank China Renaissance seeks up to $800 million in IPO, say sources: Reuters"
China’s Meituan Dianping
, an online food delivery-to-ticketing services platform, is bringing its initial public offering (IPO) to Hong Kong, where it aims to raise over $4 billion, three people with knowledge of the deal said.
The firm filed plans for the city’s second multibillion-dollar tech float this year after smartphone maker Xiaomi Corp’s [IPO-XMGP.HK] blockbuster IPO of up to $6.1 billion. Meituan Dianping is also – after Xiaomi – the latest company with a dual-class share structure to file for a Hong Kong listing, under the city’s new rules designed to attract tech companies.
The Beijing-based firm, backed by gaming and social media company Tencent Holdings Ltd (0700.HK), was valued at around $30 billion in a fundraising round last year.
It is aiming for a $60 billion valuation with the IPO, though industry insiders said it may have difficulty reaching that target as it is still
Continue reading "China’s Meituan Dianping files for Hong Kong IPO; seeks over $4 billion, say sources: Reuters"
U.S. medical device maker electroCore Inc
’s initial public offering is expected to price at $15 per share, Chief Executive Officer Frank Amato
told Reuters on Thursday.
ElectroCore, which is backed by the venture capital arm of Merck & Co, is set to debut on the Nasdaq on Friday under the ticker symbol “ECOR”. The Basking Ridge, New Jersey-based electroCore’s 5.2 million share offering is raising $78 million.
The company intends to use the proceeds to commercialize its medical device gammaCore in the United States and to research treatments for neurological and rheumatological conditions, Amato said.
Last year, U.S. health regulators approved gammaCore to treat cluster headaches, a condition that affects around 350,000 people in the United States.
The hand-held device, which can be self-administered, treats the severe form of headache by applying a mild electrical signal to the vagus nerve through the skin.
BTIG, Evercore ISI,
Continue reading "U.S. medical device firm electroCore IPO price set at $15 per share: Reuters"
U.S. online survey company SurveyMonkey
on Monday said it had confidentially registered for an initial public offering with the Securities and Exchange Commission
, through its parent SVMK Inc.
The number of shares to be offered and the price range for the proposed offering have not yet been determined, the company said.
In May, sources told Reuters that SurveyMonkey had hired investment bank JPMorgan Chase & Co (JPM.N) to help lead preparations for an IPO.
The San Mateo, California-based company, which has around 3 million daily users, was previously run by Dave Goldberg, the late husband of Facebook Inc (FB.O) Chief Operating Officer Sheryl Sandberg.
SurveyMonkey’s main investors include Alphabet’s CapitalG and Tiger Global Management.